Equipment Leasing Investing with a Self Directed IRA Custodian
Being self employed is both a blessing and a curse.Â While you do get to make all the decisions and determine the direction your company takes, you also have all the responsibilities and costs.Â Figuring out if you have the skills and interests required to owning your own business is a learning process.Â Here are some things to consider.
The Up SideWorking for yourself provides a certain kind of satisfaction.Â All the credit and all the glory is yours.Â You don’t have to answer to anyone but yourself, and you can develop new ideas and strategies whenever you so desire.Â I guarantee you will get along with the boss.
SE Mortgage BenefitsIf you work from home, there are certain tax benefits– primarily, the mortgage deduction.Â Any space you use is deductible as part of your expenses, and that includes utilities and renovations as well as your mortgage or rent.
SE Retirement OptionsOnce you head out on your own you will no longer have access to 401k retirement plans as you did when you were in the public sector.Â Whether you choose to incorporate or not, there are a number of IRAs that are geared specifically for the self employed.
The Down SideOf course, if all the glory is yours, so is all the responsibility.Â Nothing will get done unless you do it, or delegate the task to someone else.Â If you lack the skills you need to run a business, the learning curve can be steep, especially if you are fortunate enough to see your company take off like a rocket.
SE Health InsuranceIf you haven’t been hiding your head in the sand over the last few months, you know that health insurance is a big topic.Â This has always been the case for the self employed and small business owners.Â Losing your health benefits when you quit your “real world” job is a huge and often expensive blow.
If your health is good and you have kept up with Cobra, then you will be able to slide into another policy, but expect to pay several hundred dollars per month at a minimum.Â Check with your state to see if it offers a state sponsored plan for those of low income and those who don’t qualify for other options.
Self Employed Income TaxesUnfortunately, you are going to pay more taxes when self employed than if you work for someone else.Â That is because you have to pay both halves of certain taxes, whereas your employer paid the other half before.Â All I can tell you is to track everything you spend on your business and keep receipts because those expenses are deductible.
If all this information is overwhelming you, don’t worry too much.Â All new entrepreneurs find the prospect of starting their own company both exciting and daunting the first time out.Â Today, many people choose to go it only partially alone when they start their endeavor.
Get Paid TodayJust because you want to be self employed doesn’t mean you have to start everything from scratch.Â GPT businesses, unlike their MLM counterparts, offer great training, support and products to get you on the road to success.Â Aside from providing a high end, valuable product, they will teach you how to market effectively, whatÂ mistakes to avoid, and how to use the techniques you learn to launch your own project.
Self Directed IRA, www.selfdirectediracorp.com, Mike Austin gives insight to company with mcgyvertv, “mcgyver represents”, workforce creative.
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